The letters will contain the new and old assessment values, current property taxes, and the new estimated municipal share on the taxes.
Don Barr, Director of Assessment, Tax and Real Estate for the City of Regina says the biggest increases will be on multi-family properties.
“For the multi-family market, the rents have increased since 2011 and the vacancy rates were down. What’s more important is the sale prices that people were paying for those revenue streams were up, so it’s actually the sale prices of the multi-family properties that’s driving the assessment change,” said Barr.
Barr says City Council could choose to lessen the impact on multi-family properties by using a phase-in of tax changes. Those tax policy changes need to be made in the first quarter of 2017.
Regina’s residential group, which contains residential, condominiums and multi-family residential properties will see an overall assessment change of 15 percent. The city’s non-residential group, which contains commercial, golf, agriculture, railway and pipeline, and resource properties will see an overall assessment change of 53 percent.
The letters will be mailed out on August 29 and assessment notices will be mailed out to all residents in November.